ITAT Deletes Addition on Sale of Penny Stock Blazon Marbles Limited

Sonal Ashish Shah Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune has delivered a significant ruling in the case of Sonal Ashish Shah vs. ITO, reversing the decision of the Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) [CIT(A)] to add the full sale consideration from the sale of shares of Blazon Marbles Limited to the assessee’s income. The case, pertaining to the assessment year 2014-15, centered on the genuineness of short-term capital gains declared by the assessee from the sale of what the revenue authorities labeled a “penny stock.”...